Issuance of Agency Securities. Upon the written approval of [[Organization B:Organization]] and subject to # [[Organization C:Organization]]’s prompt delivery to the applicable Agency any and all documents necessary to enable such Agency to make Delivery to [[Organization B:Organization]] or its designee of an Agency Security backed by the related Purchased Mortgage Loans and # receipt of the applicable Trade Assignment, [[Organization C:Organization]] may cause Purchased Mortgage Loans to be pooled for the purpose of backing an Agency Security. At such time as an Agency Security backed by a pool of Purchased Mortgage Loans is delivered to [[Organization B:Organization]] by the applicable Agency, # such Agency Security shall immediately and with no further action on the part of [[Organization B:Organization]], [[Organization C:Organization]] or Custodian become subject to a Transaction hereunder and # the pool of Purchased Mortgage Loans backing such Agency Security shall immediately and with no further action on the part of [[Organization B:Organization]], [[Organization C:Organization]] or Custodian no longer be subject to a Transaction hereunder and [[Organization B:Organization]] shall have been deemed to release any ownership and/or security interest it has in such pool of Purchased Mortgage Loans.

Issuance of Agency Securities. If Purchased Mortgage Loans are pooled for the purpose of backing an Agency Security, [[Organization C:Organization]] shall promptly deliver to the applicable Agency any and all documents necessary to enable such Agency to make Delivery to [[Organization B:Organization]] or its designee of an Agency Security backed by the related Purchased Mortgage Loans. [[Organization C:Organization]] shall not revoke such instructions to an Agency.